Payment of loans is imperative to success - VCCCUL boss

The president of the Victoria Customs Cooperative Credit Union Ltd has urged all co-operators to fully abide by the rules of the union, and avoid hesitation in paying back loans.

Mr Mbiwan Nchaffu was speaking during the 40th Annual General Assembly AGM meeting which held in Limbe on January 24, 2015. He said all the members of the credit union must take responsibility and ensure that the union remains on top.

The co-operators flooded the Limbe city council hall down beach in their regalia, each anxious to contribute their part to the current success story, and even the absence of electricity could not prevent the unfolding of deliberations.

According to the management report presented by the President, the 2014 financial year was particularly challenging for two reasons; the period of hesitation to either quit or remain in CamCCUL and hesitation by some co-operators to pay back loans.

Nonetheless, VCCCUL registered 451 new members, as opposed to 406 in 2013 and the total membership stands at 5325. Also, total shares stand at FCFA 250 576 116 up, from 173, 693, 857 in 2013, representing a growth of FCFA 76 882 259 (44.3%). The reason for this growth, the report read, is due to the resolution taken in May 2014, to raise shares per member, from FCFA 50,000 to FCFA 150,000.

Also, concerning total savings, as of December 31st 2014, it witnessed an increase to the amount of FCFA 1,895,887,994, against FCFA 1,771,025,266 in 2013, representing a growth rate of 7.1%.

Another main focus of discussion during the AGM was the present situation of a bulldozer owned by the credit union, and it was announced that the BOD (Board of Directors) has succeeded in retrieving the bulldozer and it is now parked at the premises of the head office in Bota Limbe.

As projects in 2015, VCCCUL looks forward to investing in the renovation of the head office building and also the acquisition of land at mile for construction of the branch office.

Other highlights during the meeting included nomination of the resolution committee, reading and adoption of the minutes of the last AGM, reports of the supervisory board, youth and women’s committee, presentation of accounts, audit reports and adoption of the accounts and the 2015 budget, including gifts to deserving members.

After much deliberations, the President and BOD chairman, Mbiwan Nchaffu said “For Victoria Customs to fully come back on rails, all loans must be paid back or recovered fully, deserving and hard-working employees be encouraged, ex-officio elected officials should advice and inform current board members when solicited and time should be scrupulously respected at all times in our activities”.

It should be noted that VCCCUL has five branches, including the head office in Bota, branch offices in New Town and mile four and two offices in Douala and Yaounde.